"contains a number of inaccuracies - e.g.,
that 600 000 Yugoslavs became unemployed between
January 1989 and September 1990 - and gives a
wholly misleading impression of the G17 program."

The figures we quote are from the World Bank,
'Industrial Restructuring Study', Washington, 9754-YU,
July 1991. (Table 2.1 p. 34). 89.500 workers lost their
job in 1989, and 523,100 in the first nine months of 1990;
total 614,600 workers fired.

Another World Bank document confirms that in addition
to those fired, "1.5 million workers (accounting for
15-20 percent of the labour force were not [being] paid".
This means that in 1990 more than 2 million workers were
either unemployed or were not receiving their wages. This
was the direct result of the IMF-World Bank Programme
which the G17 are intent on reinstating.

Magnusson argues that we misstate the role of the G17.
According to Magnusson the G17 is committed to social
development objectives and has nothing to do with the
IMF's deadly "structural adjustment programme".
Let the G-17 speak for themselves:

"The first task of the new government will be
to lay down the foundations for lasting stability...[which]
implies the launching of a radical programme of
structural adjustment and, most importantly,
sustained political support to stabilization and
economic reforms.

"Immediately after taking the office, the new
government shall abolish all types of subsidies. This
measure must be implemented without regrets or
hesitation, since it will be difficult if not
impossible to apply later, in view of the fact that
in the meantime strong lobbies may appear and do
their best to block such measures... This initial
step in economic liberalization must be undertaken as
a 'shock therapy' as its radical nature does not
leave space for gradualism of any kind." ('[G-17]
Program of Radical Economic Reform' (www.g17.org.yu/english/programm/programr9.htm
)

IMF "shock therapy" has already been set in
motion by the G17. The first step consisted in lifting
price controls on basic consumer goods, fuel
and services. In the last two weeks, prices
have increased, as much as three times, precipitating
the Yugoslav population into abysmal poverty. (1)